Climate disclosure comment period extended
Posted on May 17, 2022 at 20:00 PM
On May 9, the Securities and Exchange Commission (SEC) announced that it has extended the public comment period on the proposed rulemaking concerning climate-related disclosures for investors until June 17.
The extension was welcomed by the American Farm Bureau Federation (AFBF), which had requested more time and expressed concerns that the rule would expose farmers to regulations intended for Wall Street.
“Unlike large corporations currently regulated by the SEC, farmers don’t have teams of compliance officers and attorneys dedicated to handling SEC compliance issues,” AFBF President Zippy Duvall said. “Increased costs, legal liabilities and privacy concerns could create obstacles to ensuring food security at a time when the world is increasingly looking to America’s farmers for help. We urge the SEC to avoid enacting regulations that will keep farmers and ranchers from focusing on growing the food, fuel and fiber this country needs.”
The 510-page proposed rule would require public companies to report on Scope 3 emissions, which are the result of activities from assets not owned or controlled by a publicly traded company but contribute to its value chain. While farmers and ranchers would not be required to report directly to the SEC, they provide almost every raw product that goes into the food supply chain.
For AFBF’s Market Intel on the proposed rule, click here.